Ready Capital (NYSE:RC) Releases Earnings Results, Beats Estimates By $0.01 EPS

Ready Capital (NYSE:RC) released its quarterly earnings results on Wednesday. The real estate investment trust reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01, Zacks reports. The business had revenue of $232.35 million for the quarter, compared to the consensus estimate of $64.34 million. Ready Capital had a net margin of 35.69% and a return on equity of 7.99%. During the same quarter last year, the firm earned $0.31 EPS.

Ready Capital Stock Up 2.5 %

Shares of NYSE RC opened at $8.66 on Friday. The stock has a market cap of $1.46 billion, a P/E ratio of 3.70 and a beta of 1.41. The firm has a 50 day moving average price of $8.74 and a 200 day moving average price of $9.48. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.89 and a current ratio of 1.89. Ready Capital has a 52-week low of $8.25 and a 52-week high of $11.97.

Ready Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 30th. Investors of record on Thursday, March 28th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 13.86%. The ex-dividend date of this dividend was Wednesday, March 27th. Ready Capital’s dividend payout ratio is currently 51.28%.

Insider Activity

In related news, Director Gilbert E. Nathan purchased 10,000 shares of Ready Capital stock in a transaction dated Thursday, March 14th. The stock was bought at an average price of $8.65 per share, for a total transaction of $86,500.00. Following the completion of the acquisition, the director now directly owns 83,099 shares of the company’s stock, valued at $718,806.35. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Gilbert E. Nathan purchased 10,000 shares of Ready Capital stock in a transaction dated Thursday, March 14th. The stock was bought at an average price of $8.65 per share, for a total transaction of $86,500.00. Following the completion of the acquisition, the director now directly owns 83,099 shares of the company’s stock, valued at $718,806.35. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Kevin M. Luebbers acquired 5,000 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was acquired at an average cost of $8.43 per share, for a total transaction of $42,150.00. Following the transaction, the director now owns 119,925 shares of the company’s stock, valued at $1,010,967.75. The disclosure for this purchase can be found here. Insiders purchased 17,150 shares of company stock worth $148,280 over the last quarter. 0.95% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

RC has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods reiterated an “underperform” rating and issued a $8.00 target price (down from $10.00) on shares of Ready Capital in a research note on Monday, March 4th. B. Riley restated a “buy” rating and issued a $12.00 price target (down from $13.00) on shares of Ready Capital in a research report on Monday, March 4th. BTIG Research decreased their price target on shares of Ready Capital from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Wednesday, April 17th. StockNews.com lowered shares of Ready Capital from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. Finally, UBS Group decreased their target price on shares of Ready Capital from $10.50 to $9.50 and set a “neutral” rating on the stock in a research report on Wednesday, March 20th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $10.93.

About Ready Capital

Ready Capital Corporation operates as a real estate finance company in the United States. It operates through two segments: LMM Commercial Real Estate and Small Business Lending. The company originates, acquires, finances, and services lower-to-middle-market (LLM) commercial real estate loans, small business administration (SBA) loans, residential mortgage loans, construction loans, and mortgage-backed securities collateralized primarily by LLM loans, or other real estate-related investments.